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“Everything is so expensive – I used some of the money to buy new spectacles and bought a new bed. I enjoy going out for meals with my friends and I spend money on myself, on having haircuts and on looking smart.

“I didn’t want to touch my savings but keep them for a rainy day. Now, I can enjoy my retirement knowing I’m financially secure and have enough money not to worry or scrimp on the little pleasures in life.”

Valerie still remembers how she ran up credit card debt a decade ago after her mother died.

“Mum lived with me and we shared the bills on two incomes. But when she passed away, I found it difficult running the house on my salary alone and began to get into debt – the money was going out but not enough was coming in. It was a constant worry that I kept to myself.

Valerie Clapton

“I dragged myself out of debt by remortgaging the house, but it was a worrying time,” she says.

When she retired, Valerie was able to use the lump sum from her pension to pay off her mortgage, but she never forgot what it was like to be short of money.

“I always remember those hard times when it was a struggle to keep my head above water. Since getting myself out of debt, I’ve been careful to keep money aside.

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“One day last year, I saw an advertisement for Key Retirement and contacted them.

“There was no hard sell from their financial adviser and I didn’t feel pushed into anything. I had a telephone interview about my lifestyle and my financial needs so they could tailor a package to suit me.

“Key Retirement arranged for the house to be revalued and drew up the legal papers with their solicitors. It was all very straightforward and I felt I was in good hands.

“Now I can relax in my retirement and enjoy the time I spend with my adorable grandchildren, Joshua, who is five, and Connie, who is two.”

Equity release grows in popularity

The latest research by Key Retirement reveals homeowners in the UK earned £3500 a month from their houses in the three months to the end of August as their total property wealth hit a new record high.

In Scotland, property wealth owned by over-65s who have paid off their mortgages grew to a record £42billion, a rise in value of nearly four per cent.

Key’s Pensioner Property Equity Index shows pensioners in Scotland made more than £12,000 each from their properties.

Dean Mirfin, Chief Product Officer at Key Retirement, said: “The strength of the housing market over the three months has significantly boosted property wealth for pensioners, making as much as £3500 a month.

“Prices may not continue to grow as fast but pensioners who have paid off mortgages can still rely on tax-free returns no matter what happens in the short and medium term.

“Property wealth is having a dramatic effect on the standards of retirement living for many thousands across the UK.”